FOR IMMEDIATE RELEASE
Metal Powder Products to Advance Growth Initiatives under New Ownership
Millstein & Co. Acquisition Facilitates the Ongoing Expansion of Metal Powder Products
Westfield, IN – May 5, 2016 – Metal Powder Products, a leading manufacturer of aluminum and ferrous powder metal components, announced today that it has been acquired by Millstein & Co., a diversified investment management and financial services firm. Millstein Capital, the firm’s private equity business, focuses on control-oriented investments in the financial services, technology, industrial, consumer and technology-enabled business services sectors in the United States. The Millstein team has extensive experience owning and operating industrial companies and manufacturing businesses similar to Metal Powder Products. Metal Powder Products was formerly a subsidiary of Revere Industries, a leading manufacturer of high-performance metal and plastic components based in Indiana.
Metal Powder Products experienced a record year in 2015 and has continued its recent success by consistently innovating and expanding production capacity. As a technical leader in the powder metal market, Metal Powder Products has produced several award-winning products and is well positioned to capitalize on market trends.
Michael Duran, a Partner at Millstein & Co., said, “We are impressed by Metal Powder Products’ strong track record of innovation under the leadership of Ben James and his team of skilled professionals. The company’s powder metal expertise has enabled it to deliver dynamic growth and we see great future potential driven by the company’s market-leading aluminum capabilities. We look forward to working with Ben and his team to advance Metal Powder Products’ business.”
“Metal Powder Products’ three factories in Pennsylvania produce excellent quality products that delight customers,” commented Millstein & Co. operating partner Chuck Spears. “We are impressed with the teamwork and productivity of the workforce as they strive for excellence. We plan further investments in automation, material flow and capacity, working closely with our customers to meet and exceed their requirements.”
Simultaneous with the Millstein & Co. acquisition, existing Metal Powder Products executives have also made equity investments into the company, becoming minority shareholders.
“The investment from Millstein & Co. strengthens Metal Powder Products’ position for continued growth as a leading supplier of innovative, custom-engineered products in the powder metal industry,” said Ben James, President of Metal Powder Products. “My team is extremely excited for the opportunity to work with Millstein & Co. and I am confident that together we can successfully build on the scalable growth of our business.”
About Metal Powder Products
Headquartered in Westfield, IN, Metal Powder Products is a leading global provider of custom-engineered powder metallurgy solutions for the automotive, lawn & garden and basic industrial sectors. The company is a leader in the innovation of material formulation, sintering, densification and powder metallurgy joining techniques. The company’s three production facilities, all based in Pennsylvania, specialize in the production of various components, including custom-engineered gears and sprockets, complex structural parts, high strength aluminum parts and components requiring unique mechanical and physical properties, for use in high stress, wear and magnetic applications. For more information, please visit https://www.mppinnovation.com.
About Millstein & Co.
With offices in New York and Washington, D.C., Millstein & Co. is a diversified investment management and financial advisory services firm. Millstein Capital, the firm’s private equity group focuses on control-oriented investments in financial services, technology, industrial, consumer and technology-enabled business service sectors in North America. Integral to the private equity group’s investment approach is partnering with exceptional operating executives to help identify, validate and manage its portfolio investments. Millstein Capital has a diverse portfolio of investments that it actively manages.